DNA Building, Denpasar - Bali

Presentation of Socialization Materials on Non-Fungible Tokens at Baliola.com NFT Art Marketplace to UKM Seni Tari Universitas Udayana and Graphic Designer Team

Kepeng.io, DENPASAR – Socialization about Baliola NFT Art Marketplace has been held by I Gusti Agung “Yoni” Permani as the Kepeng.io Team to the Dance Community of Udayana University and the Graphic Designer Team, located in Classroom B Building Dharma Negara Alaya (DNA), Denpasar, Friday (27th/8).

The presentation of material topics is not much different from previous outreach activities, namely the use of NFT (Non-Fungible Token) in works of art as proof of legality in the form of copyright. Yoni said the market for unique digital properties, equivalent to rare digital art, collectible trading cards, and other assets that derive value from scarcity, has been booming in recent months. In the digital market, blockchain technology is more often applied, then the unique digital assets in the market are known as non-fungible tokens.

NFT has become a rapidly growing market for unique digital assets. The appeal to buyers is that unlike digital assets such as licensed ebooks or movies, NFTs can be bought, sold, displayed, gifted, or even destroyed like private property. But the law has not kept up with the demand for unique digital properties. In particular, the rules designed for the 2000s internet focused on extending intellectual property licenses and online contracts to only users, not owners of digital assets.

NFT is not like previous cryptocurrencies, where one coin is almost equal to another. Non-exchangeable tokens can be used to create digital works of art that can be bought, sold, and owned such as physical sculptures, or real estate databases where ownership has electronically managed an act that can be passed from one person to another with low transaction fees or no charge. “Unlike Bitcoin where one coin equals another, NFTs are unique, each having a character with different attributes. The NFT representing artist A’s ownership will be very different from the one representing artist B”, added Yoni.

Yoni explained that the creation of non-exchangeable or unique digital assets is now on the edge of mainstream technology adoption. Imagine a digital game where the players own instead of license the unique items they acquire while playing the game. Imagine a database for land deeds that allows anyone to transfer land ownership to someone else with a smartphone. Imagine a virtual baseball trading card game where digital cards are truly unique and collectible, rather than being infinitely duplicated by copy and paste online. Consider the possibility of a truly unique digital artwork, owned by one person, displayed in a virtual reality museum, and can be sold to other owners to realize the increased value that comes from its rarity and beauty.

Based on the advantages of the NFT system, Kepeng.io created Baliola.com, an art marketplace that uses NFT in every submitted artwork, whether in the form of videos, photos, audio, etc. At Baliola.com, for every work that is successfully verified and gets a valid status, then the work will be requested to be used as an NFT. Someone who wants to find a work of art, especially traditional Balinese art, can go to Baliola.com. Each existing work allows the collector/buyer to own the title to the work when they buy it. Of course, all these products are new and unique products from each artist.

Products that can be entered on Baliola.com are not only digital artworks but can be in the form of conventional arts such as sculptures, paintings, crafts, etc. It’s not enough to get there, a person/artist can also sell the story and philosophy of work. We recognize that there are tangible and intangible assets. Tangible is tangible in the form of a physical work of art, while intangible is an art that is not tangible, for example, stories, traditions, philosophies, etc. Yoni added that all these art forms can be entered on Baliola.com, namely by making them in the form of media first, whether physical, photos, videos, transcripts, etc. “Furthermore, these media will be minted to be used as NFTs,” she said.

Then, the above was mentioned about blockchain, Baliola.com also applies this technology in its transaction base. A distributed ledger, also known as a blockchain, is a database that has no entity control. In blockchain technology, there are only two protocols, namely read and create. Blockchain allows incoming data to be recorded permanently because there is no edit and delete protocol in this technology.

In the case of many blockchains, the database is a list of who owns what and who owns which bitcoins, for example. The immediate problem of letting anyone write to the database is deception. What if person A decides to pay B for a unit, but then writes to the database that he has kept the unit? Blockchains use consensus mechanisms to make it too overworked (proof of work system) or too risky (proof of system share) to try to falsify the ledger. So in this case, on Baliola.com, the blockchain will record who owns the NFT of which artwork.

Often, NFT stands for ownership of something that is not directly stored on the blockchain, for example, a digital work of art. The token contains a pointer to find the digital art file and a hash of the file as proof. So a token representing digital art might contain a URL pointing to the art and a hash of the art file. In this way, the NFT can convey ownership interest in digital artwork, and online in-game assets, a collectible trading card in-game (think rare baseball cards here), or a plot of land in a virtual world. Alternatively, tokens might convey rights in real-world assets, in RFID-connected consumer goods or cars that are simply unlocked and driven for token holders.


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